Marketing concept

Before coming directly to the concept. Let us understand the concept of Market place and Market space.

Market place is that physical place where two parties i.e buyers and sellers meet for an exchange of goods and services. e.g. traditional way of shopping.

Market space is the concept to the virtual world where buyers and sellers meet online to exchange there goods and services. e.g. E-commerce.

Hence, Marketing is the art and process of promoting the products physical as well as virtual. The philosophy of marketing is based on a notion about the business in terms of customer needs and there satisfaction.

Broadly, Marketing is:

  • Estimation of customer demands, needs, taste and preference, wants and build a product to satisfy.
  • Advertising product in market by introducing them(customers) about the USP of the product.
  • Setting a genuine price so that large audience can afford it.
  • Checking and making product available by means of transportation to remote areas.

Definition of Marketing-

The performance of business activities that directs the flow of goods and services from producer to consumer or user.

-By American Marketing Association

A societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value to each other.

By Philip Kotler

An ongoing process of discovering and translating consumer needs and desires into products and services, creating demand for these products and services, serving the consumer and his demand through a network of marketing channels and expanding the market base in the face of competition.

By Paul Mazur

Needs, wants, and demands; Products; Value and satisfaction; Exchange and transactions; Markets are some of the concepts on which marketing is based.

Functions of Marketing-

  1. Marketing research is concerned with knowing the taste and preferences of the customer in scientific manner by the way of survey and quick analysis of every aspects which influences the demand of the product.
  2. Advertising is a tool which is used to spread awareness of the product that a company is willing to launch in the market and to gain a large share of audience through media.
  3. Sale promotion is the technique which is used by marketers when the product is launched and when the product reaches its maturity. The two sales promotion that are important are: Consumer and dealer sales promotion.
  4. Sales planning is the planning of marketing the right product at the right price.
  5. Distribution This is concerned with transferring of product from manufacturing place to customers place by the way of transportation.

IMPORTANCE OF MARKETING-

  • Competitive
  • Efficacy of the product.
  • Expansion of business.
  • Customer satisfaction.
  • Helpful in building brand image.

What are 7 P’s of Marketing mix?

Product
This includes that what a person/businessman is selling in the market, it may be a product or service. It may also include the type of products, which are necessary for life, such as food and clothes etc.

Price
This includes the pricing strategy at which one is selling his product or service. It may be a low cost strategy that is selling goods and services at low cost. Moreover targeting the customers which are more conscious about the high prices. However, on the other hand differentiation price strategy does not focus on cost. Basically they are targeting the customer that demands unique and different features in the product and is willing to pay high prices.

Place
This includes how a person/businessman is distributing and placing his product or service in the market. So the place strategy also depends upon the type of product which you are selling and the targeted market.

Promotion
The promotion strategy includes how the marketer informs the customers about the products or services that best satisfies their needs and desires. It might include different promotional mediums, such as television, newspaper, internet, banner etc.

People
Process
Physical evidence

Process involved in marketing-

  1. Deciding the objective.
  2. Designing the marketing system
  3. Developing strategies for separate functions.
  4. Making detailed plan
  5. Implementation of plan.

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